Cuba: Cuba issues new oil, gas decree to increase output amid energy crisis.

Shotlist Havana, Cuba - Oct 12, 2026 (CCTV - No access Chinese mainland) 1. Various of office building of Cuba's Ministry of Energy and Mines 2. Sign of Ministry of Energy and Mines, national flag of Cuba 3. Various of reporters at press conference 4. Press conference in progress 5. SOUNDBITE (Spanish) Pedro Abigantus, director, Directorate of Investments and Oil and Gas Businesses, Ministry of Energy and Mines: "Previously, foreign participation was limited to production-sharing contracts. Now, we are including other models, such as oil concessions, since there are investors who prefer that approach. We therefore view these as incentives -- measures that help attract more investment. Opportunities are also open to domestic investors." FILE: Cuba - May 2026 (CCTV - No access Chinese mainland) 6. Various of gas station FILE: Cuba - Date Unknown (CCTV - No access Chinese mainland) 7. Various of oil refineries Storyline Cuba issued Decree-Law 135 on oil and gas on Monday to attract investment in exploration and production amid a worsening energy crisis. The Ministry of Energy and Mines held a press conference on the new decree, stating that the measure aims to better meet the country's demand for fuels and derivatives and support the restoration of the national power system. While stressing the country's energy sovereignty and jurisdiction over its energy resources, the new legislation promotes investment in the energy sector by domestic and foreign enterprises through more diverse cooperation models, according to Pedro Abigantus, director of the ministry's directorate of investments and oil and gas Businesses. "Previously, foreign participation was limited to production-sharing contracts. Now, we are including other models, such as oil concessions, since there are investors who prefer that approach. We therefore view these as incentives -- measures that help attract more investment. Opportunities are also open to domestic investors," he said. The decree is part of Cuba's economic reform to cope with pressure from the prolonged U.S. embargo, which features comprehensive economic, financial and trade restrictions and has been intensified this year by a de facto fuel and oil blockade targeting shipments to the country.